Egypt targets EGP 7.4 billion in investments in tourism sector in FY 2022/23

El-Said made the remarks in a report issued by the Ministry of Planning and Economic Development on Egypt's plan for investments in the tourism and antiquities sector – a main source of hard currency for the country – for the current fiscal year, which ends in June next year.

The report stressed that tourism is a dynamic and flexible sector that is able to recover within a short period, the minister said, citing the sector’s growth achieved in 2021 following the peak of the coronavirus pandemic in 2020.

The report added that the number of tourists jumped from 3.7 million in 2020 to about 8 million in 2021, and the number of overnight stays at tourist accommodations increased from 43 million nights in 2020 to 93.8 million in the following year.

This generated around $9 billion in revenue in 2021, up from $4.1 billion in 2020, the ministry’s report pointed out.

Egypt has been exerting efforts to help the sector recover from the coronavirus pandemic and the war between Ukraine and Russia, both of whom have been the main exporters of tourists to Egypt in recent years.